24 July 2024

The Central Government has granted tax exemption to the Punjab Skill Development Mission Society (PSDMS) for specific incomes under clause (46) of section 10 of the Income-tax Act. This exemption covers grants from the central and state governments, CSR funds, service charges, and interest on bank deposits. Conditions include no commercial activities, maintaining the same nature of activities, and filing income tax returns as required. The exemption is applicable for the assessment years 2021-2022 to 2025-2026.